Overview
XBRL is a way of filing the financial statement of some companies which has been specifically categorised by Ministry of Corporate Affairs. As per Rule 2(1) (d) of 3 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015 XBRL means: “Extensible Business Reporting Language” (XBRL), means a standardised language for communication in electronic form to express report or file financial information by the companies under the Act.” As per Rule 3 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015, below given Companies are required to file their financial statement in XBRL mode: • Companies Listed with stock exchanges in India and their Indian subsidiaries • Companies having Paid up Capital>= Rs. 5 crore • Companies having Turnover>= Rs. 100 crore Companies who have adopted Companies (Indian Accounting Standards) Rules, 2015
Advantages
1. Offer detailed analysis on financial reporting companies.
2. XBRL filing provides more accuracy and reliability.
3. It can be adjusted to meet customised business requirement at individual organisational level.
4. Save cost and improve efficiency in handling business and financial Information.
5. It offers comparability and transparency.
6. XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable.
Companies exempted from XBRL Filing
As per proviso of rule 1 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015, below given companies are exempted to file their financial statement in XBRL mode:
• Non-banking financial companies,
• Housing finance companies and
• Companies engaged in the business of Banking and Insurance sector.
What is included in this
• Preparation of XBRL;
• Liasioning with the department;
• 24/7 mail support to assist you;
• Future reminder in respect to annual compliance
FAQ
1. What are the XBRL Forms required to be filed by Companies?
| AOC 4 XBRL | Form for filing XBRL document in respect of financial statement and other documents with the Registrar |
| Form I XBRL | Form for filing XBRL document in respect of cost audit report and other documents with the Central Government |
| Form A XBRL | Form for filing XBRL document in respect of compliance report and other documents with the Central Government |
2. Cost audit report is required to file in XBRL?
As per rule 4 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015, Companies which are required to file Cost Audit report under section 148 of the Act, are required to file such report through XBRL in taxonomy given in Annexure III of the Companies (Filing of Documents and Forms in XBRL) Rules, 2015 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.
3. Who developed XBRL?
As per Ministry of corporate affairs (MCA), circular 09/11 of dated March 31, 2011, Ministry has stated in its FAQ that XBRL is an open, royalty free software specification developed through a process of collaboration between accountants and technologists from all over the world. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analytical software tools and applications.
4. What is taxonomy?
“Taxonomy” means in XBRL, an electronic dictionary for reporting the business data as approved by the Central Government in respect of any documents or forms indicated in these rules.
5. I have opted for XBRL filing one time, can I choose to file financial statement through normal filing route another year?
As per rule 2 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015, Companies which have filed their financial statements in XBRL mode once are required to file XBRL every year even if they do not fall into given categories.
6. Is it mandatory to do Annual Filing in the form of XBRL?
No, Companies falling under the category as defined under companies act, 2013 are required to file their annual financials statement in the form of XBRL